Oil moves higher on Iran's uranium stance

May 22, 2026 (MLN): Oil prices move higher on Friday, driven by renewed market anxiety over the trajectory of the Iran peace talks.

Currently, Brent crude futures are up by $2.04, or 1.99%, to $104.62 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures are up by 1.38%, to $97.68 per barrel by [10:52 am] PST.

The rally reflects growing investor caution as U.S. officials recently signaled that a peace agreement was on the horizon, however it was indicated that Iranian leadership remains steadfast on keeping enriched uranium within its borders that have dampened hopes for a swift resolution, CNBC reported.

This impasse has reignited fears of a prolonged conflict, which would likely keep global energy supplies constrained.

The ongoing war, which broke out in late February, has severely jeopardized international shipping lanes.

The most significant bottleneck remains the Strait of Hormuz a critical maritime chokepoint. Prior to the outbreak of hostilities, the strait facilitated the transit of approximately 20% of the world’s crude oil and liquefied natural gas (LNG).

With diplomatic friction persisting, energy traders are now pricing in the reality that disruptions through this vital corridor could last much longer than initially anticipated.

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